Ferrari Says Majority of Sales Will Be EVs, Hybrids by 2030
Last week, news broke that Ferrari was plotting a third assembly line in Maranello dedicated entirely to EV production. But this turned out to be little more than a preamble for the obligatory announcement that the company would eventually transition toward building electric vehicles.
On Thursday, the Italian automaker told investors that all-electric and hybrid models will make up 80 percent of its global sales volume by 2030. This is to be done via a slew of new products it hopes to launch between now and 2026. Though the first Ferrari to run exclusively on battery power isn’t scheduled to arrive until 2025. According to the manufacturer, it’s plotting to launch 15 new vehicles as part of the overarching strategy. While some of those will undoubtedly be duplicates boasting open-air cockpits and slightly different powertrains, it has still got to be some kind of record for the brand.
That said, it looks as though Ferrari expects the hybrid models to do the heavy lifting until European and Chinese mandates force its hand. The company expects its upcoming fully electric cars to account for just 5 percent of its sales initially. However, it’s targeting battery electric vehicles (BEVs) to be roughly 40 percent of its volume by 2030. Hybrid models are assumed to have an inverse trajectory, starting at 55 percent in 2025 (a sizable increase from the 20 percent witnessed in 2021) before matching its purely electric products’ 40 percent in 2030.
“We believe we can use the electric engine to enhance the performance of our cars,” CEO Benedetto Vigna told investors.
There’s certainly reason to believe they can. Most of the brand’s fastest-accelerating cars already use some form of hybridization. The LaFerrari utilized a 6.3-liter V12 MHEV (mild hybrid) to slap 60 mph in just 2.5 seconds and the SF90’s 4.0-liter V8 Bi-Turbo PHEV (plug-in hybrid) manages the same thanks in part to its trio of electric motors.
Ferrari said it’s planning to invest 4.4 billion euros ($4.58 billion) by 2026 with a strong emphasis on vehicle development. Earnings before interest, taxes, depreciation, and amortization (EBITDA) are presumed to rest between 2.5 billion and 2.7 billion euros by then. Electric motors will be built in-house, along with the necessary battery modules. Production and subsequent vehicle assembly will take place at the expanded assembly facility in Maranello, Italy. But Vigna said that some of the “non-core components” will need to be outsourced.
Considering former CEO Louis Camilleri had stated Ferrari would never go all-electric in 2020, adding that he couldn’t even see 50 percent electrification within his lifetime, this represents a seismic change for a brand that literally trades on combustion noises and motorized excess. But Camilleri abandoned ship not long after making those comments, handing the reigns to chairman John Elkann — who has been much more welcoming of EVs.
Elkann told investors he believed electrification would allow the brand to produce “make even more unique cars” than it had in the past. Though he vowed that they would all be “distinctively Ferrari.”
[Image: Veyron Photo/Shutterstock]
A staunch consumer advocate tracking industry trends and regulation. Before joining TTAC, Matt spent a decade working for marketing and research firms based in NYC. Clients included several of the world’s largest automakers, global tire brands, and aftermarket part suppliers. Dissatisfied with the corporate world and resentful of having to wear suits everyday, he pivoted to writing about cars. Since then, that man has become an ardent supporter of the right-to-repair movement, been interviewed on the auto industry by national radio broadcasts, driven more rental cars than anyone ever should, participated in amateur rallying events, and received the requisite minimum training as sanctioned by the SCCA. Handy with a wrench, Matt grew up surrounded by Detroit auto workers and managed to get a pizza delivery job before he was legally eligible. He later found himself driving box trucks through Manhattan, guaranteeing future sympathy for actual truckers. He continues to conduct research pertaining to the automotive sector as an independent contractor and has since moved back to his native Michigan, closer to where the cars are born. A contrarian, Matt claims to prefer understeer — stating that front and all-wheel drive vehicles cater best to his driving style.
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